The deal was announced last week, with BetMakers having agreed to pay up to AU$20.0m (£11.2m/€13.0m/US$12.9m) to purchase the business.
Punting Form uses proprietary IP and artificial intelligence to create sectional times and benchmarks for horse racing, which are used for time-based ratings systems. Professional wagering syndicates, betting operators, content creators and form analysts use the service.
BetMakers said it viewed the acquisition as “strategically important”, saying the addition of Punting Form will further strengthen its position as a provider of B2B data and technology services for horse racing.
The provider said Punting Form will deliver improved back-end tools, more efficient pricing and improved relative trading margins to platform and managed trading services customers through its Global Betting Services.
In terms of its Global Tote operation, BetMakers said it will leverage the existing Punting Form relationships powering racing syndicates to drive more liquidity in existing and new markets for racetrack partners
BetMakers also said that the deal will offer improved pricing and increased confidence in overseas content for its Global Racing Network business, as well as deliver a wider range of data for its US fixed odds operations
Completion of the deal comes after BetMakers also reported a 13.3% year-on-year increase in revenue for the first quarter of its 2023 financial year, putting this down primarily to ongoing growth within its Global Betting Services business.
Revenue increased from $21.0m in the first quarter of last year to $23.8m this year.